Looks like you will have to cover nearly $4,200 with the income from the rent being $2,500. 

I have the debt Id like to cover from the remodel, have a small down payment for the next property, as well as drop the PMI which I think is feasible but would my new loan truly stay the same and does it work that easily?

That’s a little higher level.Check out Mark Kohler (lawyer and cpa) on you tube where he covers this topic and others.  

I would like to know if I could us my solo 401k to cover the deposit, and obtain a mortgage from a bank for the balance.

@Rich Beam your lease can't cover every possible scenario and should only focus on the most common problems.

@Ashish AcharyaGive me a shout post 4/15.Right now I generally get on BP in-between clients to de-stress a little.Not a good time to get into a debate and dive into code sections.Perhaps my most recent example was too hasty reviewing the regs right now...The "-3" reg defines structural components by reference to Treas Reg Sec 1.48-1.The term “structural components” includes such parts of a building as walls, partitions, floors, and ceilings, as well as any permanent coverings therefor such as paneling or tiling; windows and doors; all components (whether in, on, or adjacent to the building) of a central air conditioning or heating system, including motors, compressors, pipes and ducts; plumbing and plumbing fixtures, such as sinks and bathtubs; electric wiring and lighting fixtures; chimneys; stairs, escalators, and elevators, including all components thereof; sprinkler systems; fire escapes; and other components relating to the operation or maintenance of a building.We know that a building and building structures are a single unit of property.  

Why not cover yourself and do both?

So, if you reached out to me with such a proposition, I'd probably explore something along the lines if setting up a blind fund whereby your returns would stay in the fund and be reinvested and compounded until such time that you wanted to start taking distributions.Note - you would have tax liabilities in the meantime, so you'd likely want to take enough distribution to cover those.

If water and sewer is really going to cost you $400/month and all those other expenses are really that high, then I think the numbers are telling the story...there is not enough rent coming in to cover it unless you put more down and get rid of that PMI and high P&I.  

Even if you weren’t marking any money, if you tenants are covering even half of what your previous living costs used to be, it’d be worth the inconvenience in my eyes!